Financial services

Jon Pain, formerly managing director of the FSA, will join KPMG as a partner working in its regulatory practice.

China is cutting import tariffs and easing restrictions in an attempt to re-balance its trade policy, says US Treasury Secretary Timothy Geithner.

Some of the biggest names in financial services, including Cazenove CEO Andrew Ross and Peter Hargreaves, are calling for a "full and independent" inquiry into the collapse of Keydata to ensure similar failures are avoided in the future.

The Investment Management Association (IMA) has confirmed it is leading efforts to shore up troubled Keydata-backer Lifemark, as part of a bid to recoup the fund management sector's £233m FSCS bill.

The Treasury has confirmed the RDR will not impact upon the ability of firms based in Europe to advise clients in the UK, although it insists the use of passporting to evade regulation will not be permitted.

New banking regulations could mean bondholders will be forced to absorb the losses of failing institutions, according to Standard Life Investments' Andrew Fraser.

Liontrust must stump up £415,000 for its contribution to the FSCS levy, a near 2000% increase on last year, as the industry continues to pay the cost of a series of investment firm failures.

Banks on a worldwide scale will be forced to shore up cash levels if their nation is on the brink of a credit bubble, according to new developments under the Basel III reform package.

The Treasury and the FSA are proposing to extend the regulator's powers to discipline firms who flout EU regulations or decisions made under UCITS IV.

The FSA is warning firms against using the word ‘cash' when naming Money Market Funds (MMFs), saying it is "potentially misleading".